In light of recent COVID-19 developments and their impact on market participants, the Canadian Securities Administrators (CSA) will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020.
The blanket relief will provide a 45-day extension for periodic filings normally required to be made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations on or before June 1, 2020. This will include financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports, and certain other filings.
For the filings covered by the blanket relief, public companies will not need to file applications for management cease trade orders as they will not be noted in default.
The CSA expects to publish further details about the relief shortly.
“The CSA is ready to take action where necessary to ensure market participants have the flexibility they need to focus on critical business decisions while managing risks to their employees, investors customers and other stakeholders,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
The CSA is also aware that some issuers are considering virtual securityholder meetings as a result of social distancing measures. The CSA is supportive of measures issuers are taking to mitigate the risk of transmission and will publish guidance on making changes to annual general meetings as soon as possible. In the meantime, issuers can contact their principal regulator with any questions or concerns.
Finally, all CSA proposals currently out for comment will have their comment periods extended by 45 days.
As the COVID-19 situation evolves, the CSA will adapt its response as necessary to ensure that market participants have the guidance they need, and markets continue to be fair and efficient despite recent volatility.
CSA Staff are in continuous dialogue with the Investment Industry Regulatory Organization of Canada (IIROC), which has direct oversight responsibilities for trading surveillance. IIROC has confirmed volatility controls are functioning as expected in temporarily pausing declines while still allowing orderly price discovery to continue. We will continue to monitor market developments as the situation changes.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.
For inquiries about filings for issuers, other than investment funds:
For more information:
| Michael Bennett Senior Legal Counsel, Corporate Finance Ontario Securities Commmission 416-593-8079 mbennett@osc.gov.on.ca |
Matthew Au Senior Accountant, Corporate Finance Ontario Securities Commission 416-593-8132 mau@osc.gov.on.ca |
|
Jan Mazur |
Jody-Ann Edman |
| Martin Latulippe Director, Continous Disclosure Autorité des marchés financiers 514-395-0337 ext. 4331 martin.latulippe@lautorite.qc.ca |
Wayne Bridgeman, CPA, CGA Deputy Director, Corprate Finance Manitoba Securities Commission 204-945-4905 wayne.bridgeman@gov.mb.ca |
|
Heather Kuchuran, CPA, CA, CFA |
Rebecca Atkinson Senior Legal Counsel Financial and Consumer Services Commission, New Brunswick 506-658-3038 rebecca.atkinson@fcnb.ca |
| Abel Lazarus Director, Corporate Finance Nova Scotia Securities Commission 902-424-6859 abel.lazarus@novascotia.ca |
For inquiries about filings for investment funds:
|
Ritu D. Kalra, CPA, CA, CFA |
Louis-Martin Oulette Acting Director, Investment Funds Oversight Autorité de marchés financiers 514-395-0337 ext. 4496 louis-martin.ouellet@lautorite.qu.ca |
| Jason Alcorn Senior Legal Counsel and Special Advisor to the Executive Director Financial and Consumer Services Commission, New Brunswick 506-643-7857 jason.alcorn@fcnb.ca |
For inquiries about filings for registrants:
| Anita Chung, CPA, CA, CFE Registration Accountant, Compliance & Registrant Regulation Ontario Securities Commission 416-593-8131 achung@osc.gov.on.ca |
Mark French Manager, Dealer Compliance 604-899-6856 mfrench@bcsc.bc.ca |
| Wendy Morgan Deputy Director, Securities Financial and Consumer Services Commission, New Brunswick 506-643-7202 wendy.morgan@fcnb.ca |
For inquiries about filings for regulated entities:
| Chris Byers Senior Legal Counsel, Market Regulation Ontario Securities Commission 416-593-2350 cbyers@osc.gov.on.ca |
Claude Gatien Advisor, Strategic Initiatives Autorité des marchés financiers 514-395-0337 ext. 4341 claude.gatien@lautorité.qc.ca |
For media inquiries, please refer to the list of provincial and territorial representatives below of contact us at media@acvm-csa.ca.
For more information:
| Kristen Rose Ontario Securities Commission 416-593-2336 |
Hilary McMeekin Alberta Securities Commission 403-592-8186 |
| Brian Kladko Bristish Columbia Securities Commission 604-899-6713 |
Sylvain Théberge Autorité des marché financiers 514-940-2176 |
| Jason (Jay) Booth Manitoba Securities Commission 204-945-1660 |
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160 |
| Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045 |
Steve Dowling Government of Prince Edward Island, Superintendent of Securities 902-368-4550 |
| David Harrison Nova Scotia Securities Commission 902-424-8586 |
Jeff Mason Nunavut Securities Office 867-975-6591 |
| Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909 |
Tom Hall Office of the Superintendent of Securities Northwest Territories 867-767-9305 |
| Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466 |